SeaEnergy PLC announced its audited results for the year ended 31 December 2010.
Highlights:
· Loss for the year of £5.7 million (2009: loss of £6.5 million).
· Cash position at the end of 2010 of £0.1 million (2009: £2.8 million).
· Disposal of the Company’s interest in SeaEnergy Renewables Limited (SERL) in June 2011 resulting in gain of £32 million and increased cash balance of £28 million
Outlook:
· Focus on existing assets, in particular SeaEnergy Marine, the Company’s offshore renewables marine services business
· Ensure value is protected in existing Oil & Gas interests, including Lansdowne Oil & Gas plc
· Continue to be active in both the offshore renewables and oil & gas sectors going forward
Steve Remp, Chairman, said :
“Our focus is now on appropriate opportunities in both renewable energy and oil & gas. We believe that the provision of services for offshore renewables presents one of the greatest opportunities in the sector. The experience and credibility we have achieved through our investment in SERL has served us well in developing our new SeaEnergy Marine business.”
[mappress]
Source: seaenergy-plc, June 29, 2011